Trusts: Irrevocable Trusts

An Irrevocable Trust is similar to a Family or Living Trust, but the only difference is that once they are in force they are no longer capable of being Revoked or Amended.  Thus they are Irrevocable Trusts.

Irrevocable Trusts can be set up to reduce an estate’s tax burden, they can be funded with life insurance, and they can be set up to benefit future generations in a family without the inter-meddling of others in the meantime.  However, there are many complicating factors which can affect an irrevocable Trust.  Therefore, before you consider setting up an Irrevocable Trust be certain to consult with an experienced estate planning attorney.  Remember, once they are set up and funded, they are set up “in stone” and as such are Irrevocable and unchangeable.

As a note, often times estate planning attorneys will visit with you about your estate in a free consultation. A person shouldn’t have to pay to understand how Arizona Law will impact their estate.

This office ALWAYS does a free consultation regarding your estate to help you understand and determine if only a Last Will is sufficient for you, or if you need a Revocable Trust.